Three major international car manufacturers have begun accepting Tether payments in Bolivia to address the collapse of the country's dollar reserves, marking a significant step for this Latin American nation in cryptocurrency adoption.
Tether CEO Paolo Ardoino shared on Sunday that Toyota, Yamaha, and BYD are accepting Tether (USDT) payments, while crypto security company BitGo confirmed that a Toyota car was purchased with USDT in Bolivia for the first time on Saturday.
Photos shared by Ardoino show a sign displayed by a dealer promoting USDT as a payment option that is "simple, fast, and secure" for purchasing cars.
BitGo stated that the company is working with Tether and Bolivia's Toyota to assist with self-custody while ensuring smooth transactions.
Bolivia is one of the last countries in Latin America to oppose cryptocurrency, having lifted a long-standing ban on cryptocurrencies only in June 2024, allowing banks to handle Bitcoin (BTC) and stablecoin transactions.
The first significant adoption case emerged in March when Bolivia's state-owned oil and gas company Yacimientos Petrolíferos Fiscales Bolivianos received government approval to start accepting cryptocurrencies for fuel imports to address the country's worsening dollar shortage.
According to Trading Economics, Bolivia's foreign exchange reserves plummeted by 98% from $12.7 billion in July 2014 to $171 million in August this year. The Bolivian boliviano remains the most widely used currency in Bolivia; however, concerns over its loss of purchasing power have led many locals to prefer more stable alternatives like the dollar or, in some cases, choose cryptocurrencies.
Bolivia's top banks even signed a memorandum with El Salvador in late July to accelerate cryptocurrency adoption, calling cryptocurrencies a "viable and reliable alternative" to fiat currency.
Meanwhile, stores at Bolivian airports have been pricing basic goods in USDT to cope with the currency crisis.
Gabriel Campa, head of digital assets at TowerBank, told Bitfinex last Tuesday that Bolivian businesses importing products have also been using USDT to address the dollar shortage.
He mentioned that they purchase stablecoins locally or through offshore bank accounts, convert them to dollars, and pay overseas suppliers. Some of these products are then priced in USDT, creating a stablecoin circular economy to sustain trade and operations.
Bolivia’s crypto market surged, with daily USDT liquidity growing from $20K to nearly $1M in under a year. @gcampa86 explains why @towerbankintl is focused on this growth and helping re-establish trade connections. pic.twitter.com/sepWo8Ef8p
Bolivia will hold runoff elections on October 19, with candidates from the Christian Democratic Party, Rodrigo Paz Pereira, and the Liberal Democratic Alliance, Jorge "Tuto" Quiroga.
To address corruption, Paz Pereira proposed implementing blockchain technology to enhance transparency, while Quiroga's stance on cryptocurrency is less clear.
The winning party will lead Bolivia after nearly 20 years of governance by the Movement for Socialism party, which has been heavily criticized due to the country's current economic crisis.
Related: Canada's crackdown on TradeOgre has been criticized as "theft from numerous innocent users."
Original article: “Toyota, Yamaha, and BYD Accept Tether (USDT) Payments in Bolivia to Address the Country's Shrinking Dollar Reserves”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
